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Commercial Loan Compliance | Multifamily Record Vacancies
The Federal Deposit Insurance Corp. reported that the number of multifamily loans 90 days for more past due has doubled since last year and hit 3.6% in the third quarter — the highest since 1993. The multifamily sector is experiencing record vacancy rates due to high unemployment and low household formation, according to Freddie Mac. Freddie Mac and Fannie Mae are major investors in multifamily... [Read more]
Mortgage Loan Compliance | Delinquent Prime Loans Double
According to the Office of the Comptroller of the Currency and Office of Thrift Supervision the delinquency rate on prime loans has doubled over the past year. The delinquency rate is up 20% from the second quarter to 3.6% in the third quarter. The third quarter report also shows continued deterioration in the performance of payment-option adjustable rate mortgages. Only 67.7% of options ARMs are... [Read more]
Mortgage Loan Compliance | Ohio AG Sues HomEq For Unfair Mods
Richard Cordray, Ohio Attorney General, has filed a lawsuit that alleges unfair loan modification agreements and faulty customer service against Barclays Capital Real Estate dba HomEq Servicing. Filed in Montgomery County Common Pleas Court, the lawsuit alleges that at-risk homeowners “were forced to enter into one-sided agreements,” that released HomEq of all liabilities requiring borrowers... [Read more]
Mortgage Loan Compliance | Risk Retention Changes
The House Financial Services Committee completed action on the reform package yesterday when it approved a bill to set up a resolution process for “too big to fail” institutions. The “systemic risk” bill also gives regulators the discretion to set risk retention requirements as high as 5% on Federal Housing Administration, Fannie Mae and Freddie Mac loans. The regulatory reform... [Read more]
Mortgage Loan Compliance | Treasury Forcing The Loan Mod Issue
Starting Today, Treasury/Fannie teams will visit the eight largest servicers for three days to monitor their Home Affordable Modification Program efforts and troubleshoot any problems. One-third of the 375,000 borrowers have submitted all the necessary documentation to qualify for a permanent loan modification and they “deserve” a timely decision from their servicer, said Treasury Assistance... [Read more]
